LinkedIn lays off about 3% of workforce
16 October 2023,
The Microsoft-owned career network is cutting about 668 roles across its engineering, product, talent and finance teams.
LinkedIn has said it is laying off hundreds of employees amounting to about 3% of the social media company’s workforce.
The Microsoft-owned career network is cutting about 668 roles across its engineering, product, talent and finance teams.
“Talent changes are a difficult but necessary and regular part of managing our business,” the company said in a statement.
The job cuts follow more than 700 announced in May, as well as thousands more this year from parent company Microsoft, which has owned the professional networking service since buying it for 26 billion dollars (£21 billion) in 2016.
LinkedIn keeps growing and said its annual revenue surpassed 15 billion dollars (£12 billion) for the first time in the fiscal year ending in June.
The service, headquartered in Sunnyvale, California, makes money from advertisements on the platform as well as from users who pay to subscribe for premium features.
LinkedIn reports having about 19,500 employees.
Microsoft had a global workforce of 221,000 full-time employees in July, more than half in the US.
It is adding thousands more as part of its 69 billion dollar (£56 billion) acquisition of video game-maker Activision Blizzard, which closed on Friday.
As of late last year, Activision Blizzard reported having 13,000 employees.
This San Francisco Social Media Giant Is Cutting Hundreds of Jobs
LinkedIn is laying off more than 660 employees, marking the second major round of job cuts this year at the professional social media company, according to an announcement Monday.
The layoffs across the company’s engineering, product, talent and finance teams are equivalent to around 3% of LinkedIn’s global workforce. The company positioned the job cuts as part of a broader restructuring ostensibly meant to make the organization more efficient.
"Talent changes are a difficult, but necessary and regular part of managing our business," LinkedIn said in a statement.
The news comes just a few months after LinkedIn said it would lay off 716 employees and shut down InCareer, its China jobs app.
The company has also started to downsize its local real estate holdings, placing a portion of its Downtown San Francisco skyscraper on the sublease market.
LinkedIn, which was purchased by Microsoft in 2016 for $26.2 billion, has continued to grow its user base on the platform, reaching 950 million members around the world.
During Microsoft’s last public earnings call, the company reported that LinkedIn’s annual revenue had surpassed $15 billion.
In line with Microsoft’s larger corporate strategy around artificial intelligence, LinkedIn has released a number of AI-based tools to help with recruiting, content generation and career coaching.
Kevin Truong can be reached at kevin@sfstandard.com
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